HSBC partners SMU to help Singapore’s small business community

With a grant of $300,000 from HSBC, SMU will offer training, consulting, mentoring, and specialised programmes through its research capabilities to help companies embed environmental, social and governance considerations into their business goals.

The HSBC-sponsored programme is broken into three streams to support businesses, at different stages of growth and ESG transition, embed sustainable practices.

1. SMEs can receive support via SMU Business Transformation Initiative. HSBC funding will support 10 SMEs in 2018/19 with specific sustainable business focus. The Programme aims to transform their business, through enhancing their business model, human capital development and operations.
2. Start-ups can utilise SMU's Business Innovations Generator programme, which has incubated 178 start-ups since its launch. HSBC's contribution will focus on supporting 2 start-ups with focus on sustainable businesses through a 9-month incubation period, including training on sustainability and entrepreneurship.
3. Social enterprises – The third programme is called HSBC-SMU Change Leaders for Environmental Sustainability. The Programme is a 12-month experience for entrepreneurs and innovators who are fully dedicated to setting up and running a social venture intended to address an environmental. This programme aims to produce two viable companies, organisations or prototypes by the end of the programme.

Daniel Klier, Group Head of Strategy and Global Head of Sustainable Finance, HSBC, said: “Having a strategic approach to Environmental, Social and Governance (ESG) is no longer a ‘nice to have’ for businesses of any size but rather a strategic imperative. The benefits are clear: reputational performance, investor engagement and increased demand for your products. The implication is that one leads to the other. Understanding this and acting early to place ESG at the heart of your business will pay dividends in future.

HSBC’s move comes amid research by the Global Disclosure Project which shows 80-90% or more of a business’s environmental impact is located in its supply chain¹. Moreover, HSBC research has found that while only 18% of smaller firms rate being sustainable as important to them today, almost half (46%)² said it would be important to them over the next three years.

Tony Cripps, HSBC Singapore CEO, added: “Small business are the backbone of Singapore’s economy but it’s unrealistic and unfair to expect these smaller entities to make the transition alone. At HSBC, we have done a lot of thinking about what will help these dynamic businesses expand their horizons, including understanding what help people need at every stage of their entrepreneurial journey. That’s why we’re delighted to partner with SMU in this important initiative.”

Note to editors:

Information for the programme:
https://lcsi.smu.edu.sg/programmes/hsbc-smu-change-leaders-programme

HSBC’s corporate sustainability vision
Since its foundation in 1865, HSBC has adapted to and helped serve the needs of a changing world. It has financed economic growth, fostered international trade and overcome events such as economic crises. We recognise that governments, corporations, the financial system and civil society are all stakeholders of climate change and sustainability challenges. Now more than ever, there is a need to develop the skills, business innovation and low-carbon solutions needed to secure long-term prosperity for all. For HSBC, these are the key elements of sustainable growth which we can influence. For HSBC, these are the key elements of sustainable growth which we can influence. We have three areas of focus:

• Future Skills - Providing our customers, our communities and our people with the skills needed to succeed in a global economy.
• Sustainable Networks and Entrepreneurs - Fostering new business development and sustainable international growth.
• Sustainable Finance - Facilitating the transition to a low carbon economy.

The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group, which serves our customers through four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. The Group serves customers worldwide from around 3,800 offices in 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,607bn at 30 June 2018, HSBC is one of the world’s largest banking and financial services organisations.

¹ Carbon Disclosure Project

² HSBC Navigator: a global survey of over 6,000 businesses by Kantar TNS over Dec 2016 – January 2017